The Legislature has approved President George Weah’s request to print L$4 billion for infusion into the economy. The Legislature reached the decision on Wednesday. The printing and infusion of the money, according to the President, “is in the interest of national security and to enable our people to celebrate the season in a joyous way.”
The President, in his communication, also told the Pro-Temp that he (Weah) is aware that the Legislature is currently deliberating on pressing national issues, including finalizing deliberations on authorization to the CBL to print a new set of Liberian dollar banknotes. According to the President, the existing situation presents a volatile financial environment such that the current Liberian dollar vault cash position of the CBL is very inadequate to meet both current and future Liberian dollar liquidity demand of commercial banks, posing a potential security risk.
“The current liquidity projection of the Central Bank of Liberia (CBL) compared to very low Liberian dollar vault cash positions of both the CBL and commercial banks, makes it imperative for infusing additional banknotes to ease the liquidity pressure as a short-term measure.”